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The key difference between the law of diminishing returns and decreasing returns to scale is that the. former is in the short run, where at least one factor of production is ï¬xed, whilst the latter is in the long. run, where all factors of production/ inputs can be varied. As seen on the diagram below, long run.
law of diminishing returns. A concept in economics that if one factor of production (number of workers, for example) is increased while other factors (machines and workspace, for example) are held constant, the output per unit of the variable factor will eventually diminish.